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25 April 2024


Business Insider Bangladesh

WB reaffirms strong support for Bangladesh’s inclusive growth

BI Desk || BusinessInsider

Published: 00:11, 26 February 2024  
WB reaffirms strong support for Bangladesh’s inclusive growth

Photo: Collected

World Bank Managing Director for Operations Anna Bjerde on Sunday concluded her first visit to Bangladesh, reiterating the World Bank's strong support to help Bangladesh achieve its vision of upper-middle income status by 2031.

She underscored that deep macroeconomic and financial sector reforms are needed urgently to sustain inclusive growth, reports BSS.

"The story of Bangladesh's economic growth and development has been an inspiration for many countries," said Bjerde.

"Fast and bold reforms in monetary and fiscal policies will enable Bangladesh to maintain macroeconomic stability, reduce financial sector risks, and sustain inclusive growth amid global uncertainties," she added, according to a World Bank press release.

Bjerde met Prime Minister Sheikh Hasina and commended the country's development.

Today, almost all children-boys and girls-go to school and nearly every household has electricity.

She also thanked the Prime Minister for sheltering forcibly displaced Rohingya people and pledged to support Bangladesh in addressing their needs until their safe and voluntary return, as well as those of the host community.

The World Bank and the Government are discussing a financing program of over $650 million for two new projects to address the needs of both the displaced Rohingya population and the host communities in the Chattogram Division.

Nearly half of the financing will be utilized for the displaced Rohingya people and will be entirely on grant terms.

"I am very proud of our long-standing partnership with Bangladesh that has helped lift millions of people out of poverty. We will continue supporting Bangladesh to create jobs, develop a robust private sector, attract investment, and build resilience to climate shocks and future crises while at the same time ensuring that no one is left behind," Bjerde added.

During the visit, she also met with the Finance Minister, Bangladesh Bank Governor, senior government officials, private sector and civil society leaders and women entrepreneurs to discuss Bangladesh's development priorities.

She was accompanied by the World Bank Vice President for the South Asia Region, Martin Raiser.

Since Bangladesh's independence, the World Bank has committed about $41 billion in International Development Association (IDA) financing in the form of grants, interest-free loans, and concessional credits.

Currently, Bangladesh has the largest ongoing IDA program in the world, and the World Bank is Bangladesh's largest development partner.

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